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maybe a competitor is going to do better.

So you have to be careful how much you're levitating and investing in projects that are intellectually interesting versus actually getting that deal, which, as you know, many practitioners here, it's very hard to convince a company that's worth $10 billion to sell it to you.

no matter how poorly they're doing.

And it's a day-to-day, we do control deals only.

It's a day-to-day effort to improve the company.

The head of sales quits.

Now you got a problem.

The pipeline is low.

You have a problem with a competitor.

You have to take out the cost.

You have to track that company on a monthly basis.

For example, we do, instead of quarterly board meetings, given the intensity of our operations, we do monthly operating reviews, 8 a.m.

to noon with every single company, all the direct reports in the room.

And these processes are

That is the alpha that our industry looks for.

In software, it is incredibly huge.

When we started in software, the average software company lost money.

Today, after the industry became this 1.5 trillion, the average publicly traded software company loses money.

There has been no operational improvement in the public markets.

in almost 30 years in the way software companies run.